Sports Direct pays £90m for House of Fraser

House of Fraser rescued by Sports Direct’s owner Mike Ashley saving thousands of jobs throughout the UK.

Earlier this morning House of Fraser had entered administration after talks with potential buyers Cenbest and C.banner and its creditors had failed to reach a satisfactory conclusion.

Just after 8 o’clock this morning, Chairman Frank Slevin had said that he was optimistic that a buyer would be found to secure it’s future!

Chairman of Sports Direct Mike Ashley has agreed to buy House of Fraser department stores for £90m.

Sports Direct issued a statement saying:

The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business”

All 59 stores opened for business as usual today, including those 31 that had already been set for closure.

The 169 year old department store chain was established in Glasgow in 1849 as Arthur and Fraser. By 1891 it was known as Fraser & Sons and now employs a total of 17,500 staff

Pictured: Deansgate store, Manchester, a Grade II listed building.

Earlier this week DIY retailer Homebase announced plans to close 60 stores following a restructure by new owners Hilco who purchased the company for just £1 in May this year.